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Construction Spending at Highest Levels in Over 4 Years
John Crosby / HW.com / October 22, 2013
The U.S. Department of Commerce reported today that construction spending hit a near 4-1/2 year high in August, boosted by increases in both private and public outlays, a hopeful sign for third-quarter economic growth.
Construction spending increased 0.6 percent to an annual rate of $915.1 billion, the highest level since April 2009.
Private residential construction spending jumped 1.2 percent to a five-year high, showing little sign that high interest rates were slowing activity. Part of the increase in residential construction spending reflected home improvement projects. Private nonresidential construction grew by almost 16 percent. Public construction spending shrunk slightly.
Construction spending in July was revised to show a 1.4 percent rise instead of the previously reported 0.6 percent gain.